Australian Broker Call

UBS rates ALD as No Rating (-1) -

UBS has a research restriction on Ampol. No forecasts, rating or target price.

Current Price is $30.96. Target price not assessed.

Current consensus price target is $35.50, suggesting upside of 13.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates APA as Sell (5) -

UBS has a Sell rating and $7.70 target price on APA Group.

Target price is $7.70 Current Price is $9.47 Difference: minus $1.77 (current price is over target).
If APA meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.44, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates AX1 as Downgrade to Hold from Buy (3) -

Accent Group's trading update at the AGM was weaker than expected, Bell Potter observes. Owned sales for the first 20 weeks of FY26 were up 3.6% vs the broker's 5.9% estimate, and gross margin was down -160bps y/y due to soft lifestyle footwear.

Retail like-for-like (LFL) sales were down -0.4% from 0.8% in July-August, though October ticked back to a 0.4% rise. No new store target was provided, and FY26 EBIT guidance of $85-95m was -23% below consensus at the midpoint.

The broker made significant cuts to forecasts to reflect weaker LFLs, margins and guidance, and has kept medium-term forecasts conservative until a clearer recovery emerges. FY26 net profit forecast lowered by -33% and FY27 by -25%.

Rating downgraded to Hold from Buy. Target cut to $1.10 from $1.80.

Target price is $1.10 Current Price is $0.97 Difference: $0.13
If AX1 meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates AX1 as Downgrade to Neutral from Buy (3) -

After a detailed review, Citi downgraded Accent Group to Neutral from Buy, noting risk from weak lifestyle sales. Limited further cost flexibility, and elevated key-person risk are expected to outweigh improving comps and stable margins.

Target trimmed to $1.08 from $1.83.

Previous commentary from the broker follows:

In an early assessment, Citi describes today's Accent Group AGM update as sharply weaker than expected, with year-to-date like-for-like sales down -0.4% vs consensus of 2.15%. Gross margins were also -160bps lower, against expectations for a rise.

The broker notes FY26 guidance relies on a 2H26 recovery in both sales and margins, both difficult to justify.

Management cut 1H26 earnings (EBIT) guidance to $55-60m (from around an implied $80.7m), around -28% below the consensus forecast. FY26 EBIT of $85-95m was a -23% downgrade at the midpoint, observe the analysts.

While October like-for-like sales lifted to 0.4%, Citi doubts the market will place any weight on this, given the scale of the guidance downgrade.

Target price is $1.08 Current Price is $0.97 Difference: $0.11
If AX1 meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates BEN as Sell (5) -

Management at Bendigo and Adelaide Bank today disclosed a Deloitte review which found material anti-money laundering and counter-terrorism financing control deficiencies. This followed self-reporting to AUSTRAC after suspicious branch activity.

The review, covering 2019-25, highlighted wider systemic weaknesses beyond the affected branch, notes Citi, in an early assessment.

The analysts argue continuous-disclosure rules forced early release of findings before the bank could quantify uplift costs, extending uncertainty for investors.

The broker adds next week’s investor day is unlikely to provide firm numbers, complicating productivity messaging given rising compliance pressures. 

Sell. Target price $11.

Target price is $11.00 Current Price is $11.00 Difference: $0
If BEN meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $11.10, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates BEN as Underperform (5) -

Bendigo & Adelaide Bank announced Deloitte’s independent review found the bank has broad AML/CTF deficiencies, including risk assessment, CDD, monitoring and oversight. The review was triggered after a suspicious activity trigger at one branch.

Macquarie notes the financial impact isn't known, but similar experiences from peers have led to remediation costs of -$30m to -$70m. In the case of Bendigo & Adelaide Bank, this works out to a -4% to -10% earnings hit.

The broker reckons fixing these issues may distract the bank from the transformation/cost-out program and delay its 10% ROE goal by 2030.

Underperform retained with unchanged target of $10.50 as the broker awaits details on costs, likely by 1H26 results on February 16, 2026. The broker doesn't expect an update on this at the strategy day on December 4.

Target price is $10.50 Current Price is $11.00 Difference: minus $0.5 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.10, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates BHP as Overweight (1) -

BHP Group is now on a six-month restriction from making any bids for Anglo and Morgan Stanley asserts this lays to rest any further speculation the company may pursue a combination, as this restriction will carry past the Anglo shareholder vote.

The broker believes the announcement removes a key "overhang" on the stock, noting the company has underscored its confidence in organic growth potential.

Morgan Stanley retains Overweight rating and a $48 target. Industry view: Attractive.

Target price is $48.00 Current Price is $40.62 Difference: $7.38
If BHP meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $45.48, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates BHP as Accumulate (2) -

BHP Group will no longer pursue Anglo-American, which is in the process of merging with Canada's Teck Resources.

Ord Minnett notes it was around 18 months ago when Anglo rejected the initial scrip offer from BHP that was part of a strategy by the latter to expand its portfolio of copper assets before other projects came online.

BHP Group is now prevented from making another offer for at least six months. Ord Minnett points out market expectations are for a decline in BHP Group's earnings in FY27 as lower grades from Escondida drive a production decline of as much as -25%.

Accumulate and $45 target retained.

Target price is $45.00 Current Price is $40.62 Difference: $4.38
If BHP meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $45.48, suggesting upside of 10.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates BPT as Underweight (5) -

Morgan Stanley marginally lifted Beach Energy's target price to $1.11 from $1.10.

Underweight retained.

Target price is $1.11 Current Price is $1.19 Difference: minus $0.08 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.11, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates C79 as Upgrade to Buy from Hold (1) -

Chrysos' update at the AGM showed revenue in FY26 to 31 October was up 54% y/y to $28.9m, beating Bell Potter's forecast. This was driven by AAC surging 274% y/y to $7.6m while MMAP was slightly down due to a temporary unit decommissioning.

AAC now makes up a larger share of revenue (26.4% vs 15.3% in FY25), the broker highlights, as exploration activity lifts sample volumes. FY26 guidance was reiterated at $80-90m revenue and $20-27m EBITDA.

Deployments sit at 41 with multiple new installs and leases secured, supporting continued rollout momentum. The broker lifted AAC forecast for FY26 and increased unit deployment estimate for 2H, resulting in a sharp rise to FY26 EPS estimate.

Target rises to $9.40 from $6.70 on a lower WACC of 8.1% vs 9.2%, and earnings revisions. Rating upgraded to Buy from Hold.

Target price is $9.40 Current Price is $8.04 Difference: $1.36
If C79 meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting downside of -3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates CHC as Overweight (1) -

Morgan Stanley lifted Charter Hall's FY26 EPS forecast by 6.8% and FY27 by 3.9%.

Target rises to $27.75 from $26.35. Overweight. Industry View: In-Line.

Target price is $27.75 Current Price is $24.86 Difference: $2.89
If CHC meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $24.20, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates EIQ as Speculative Buy (1) -

EchoIQ has completed the EchoSolv HF validation study with Mayo Clinic, with Ord Minnett noting the study met its primary endpoint and exceeded expectations and competitor benchmarks.

The results leave the business well-placed to become the "best-in-breed echocardiographic AI provider in heart failure", the broker adds.

As reimbursement is already in place and there is a growing US installed base, Ord Minnett continues to envisage 2026 as a big year for the company and maintains a Speculative Buy rating. Target is $0.40.

Target price is $0.40 Current Price is $0.25 Difference: $0.15
If EIQ meets the Ord Minnett target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Shaw and Partners rates ERD as Buy (1) -

Shaw and Partners describes Eroad's 1H26 result as solid, with revenue of NZ$99.1m meeting its estimate and EBITDA of NZ$28.7m slightly falling short, but normalised free cash flow outperforming.

The company re-affirmed FY26 guidance for revenue of NZ$197-203m, annual recurring revenue (ARR) of NZ$175-183m, and free cash flow margin of 5-8%.

The broker notes operating conditions remain tough, with ARR churn largely driven by fleet downsizing. On the positive side, a new Cleanaway contract in Australia adds to ARR at much higher ARPU, supporting the broker's view the company is undervalued.

Buy, High Risk. Target unchanged at $2.50.

Target price is $2.50 Current Price is $1.32 Difference: $1.18
If ERD meets the Shaw and Partners target it will return approximately 89% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates FPR as Overweight (1) -

Morgan Stanley trimmed FleetPartners Group's target price to $3.60 from $3.90.

Overweight retained. 

Target price is $3.60 Current Price is $2.86 Difference: $0.74
If FPR meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.59, suggesting upside of 24.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates GTK as Buy (1) -

Bell Potter notes Gentrack Group's FY25 result was broadly in line with consensus, delivering revenue of NZ$230.2m and EBITDA of NZ$27.8m. This compared with the broker's forecast of NZ$233m and NZ$29m, respectively.

Strong comments on the project pipeline sparked a solid share price lift and improved confidence in near-term contract wins and growth, the broker highlights. The company stated landing 3-4 of the current pipeline opportunities would underpin strong FY27 growth.

EPS forecast for FY26 trimmed by -1% but FY27 lifted by 2%. Target rises to $11.00 from $9.80 on DCF roll-forward. 

Buy retained.

Target price is $11.00 Current Price is $7.97 Difference: $3.03
If GTK meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $10.00, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates GTK as Equal-weight (3) -

Morgan Stanley notes the FY25 results from Gentrack Group were mixed, with revenue slightly ahead and EBITDA slightly behind forecasts.

The company has reiterated its long-term targets and the broker continues to envisage a wide range of outcomes, assessing a downgrade in FY26 consensus potentially being offset by a more constructive outlook on the pipeline.

Equal-weight rating, $7.70 target and In-Line industry view.

Target price is $7.70 Current Price is $7.97 Difference: minus $0.27 (current price is over target).
If GTK meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.00, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Shaw and Partners rates GTK as Buy (1) -

Shaw and Partners observes Gentrack Group's FY25 result was in line with guidance, and details on the pipeline provide confidence for over 15% FY27 growth.

The company set a FY26 baseline of 8% underlying revenue growth largely without new-logo wins. While margins weren’t explicitly guided, added cost transparency suggests to the broker expansion even with 10% cost growth.

The broker notes the share price jumped 20% on the result but only returned to late-October levels, and is still well below $13/share a year ago. FY26-28 revenue forecast trimmed slightly and cost forecasts lifted by 1%.

Buy, High Risk maintained. Target trimmed to $11.30 from $11.80.

Target price is $11.30 Current Price is $7.97 Difference: $3.33
If GTK meets the Shaw and Partners target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $10.00, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates GTK as Neutral (3) -

UBS observes Gentrack Group has rallied significantly since its results, recovering most of its recent weakness. More detail on the work outlook should mean there is a line of sight to revenue growth in the mid-teens by FY27.

The next catalyst will be the investor briefing on December 1.

FY25 revenue and earnings were below UBS estimates, partly because of slower recurring utility revenue and higher utility costs. FY26 and FY27 estimates for EBITDA are revised down by -9% and -8%, respectively.

No quantitative guidance was provided by the company. Neutral. Target edges down to NZ$9.65 from NZ$9.75.

Current Price is $7.97. Target price not assessed.

Current consensus price target is $10.00, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates IGO as Neutral (3) -

Citi revised its model for IGO Ltd to factor in a delay to the CGP4 growth project, with first production now expected in June 2028.

Separately, the broker undertook sensitivities across IGO, Pilbara Minerals and Liontown Resources, given recent volatile but rising SC6 prices.

In the broker's view, IGO screens cheapest and most defensive, with the lowest implied breakeven SC6 price of US$1,340/t vs Pilbara's  US$1,400 and Liontown's US$1,540, and the lowest cash costs at Greenbushes.

Liontown offers the most leverage to modest SC6 upside because it’s the highest-cost producer. In a stronger bull case (SC6 of around US$1,600/t and growth projects delivered), Pilbara shows the greatest upside via the P2000 Project, trading on the lowest P/NAV at 0.70x.

The broker's order of preference is IGO and Pilbara over Liontown.

Neutral retained for IGO with unchanged target of $5.60.

Target price is $5.60 Current Price is $6.25 Difference: minus $0.65 (current price is over target).
If IGO meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.71, suggesting downside of -10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates KGN as Hold (3) -

Kogan.com's FY26 trading update at its AGM showed gross sales rising 22.4% y/y and EBITDA reaching $10.1m, though NZ losses kept group performance below Bell Potter's forecasts.

The broker observes Kogan.com’s 15% revenue lift was offset by the New Zealand-based online retail business Mighty Ape. Here, higher-than-expected losses tempered momentum despite completed inventory right-sizing.

The analysts now factor in weaker run-rate profitability, tougher comparable sales, reduced marketing uplift and heightened competitive pressure through the peak period.

The broker's profit forecasts fall -29%, -27% and -24%, respectively, across FY26-28. Bell Potter cuts its target price to $3.30 from $4.30 and retains a Hold rating.

Target price is $3.30 Current Price is $3.02 Difference: $0.28
If KGN meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.40, suggesting upside of 43.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Shaw and Partners rates LAU as Buy (1) -

Shaw and Partners notes Macquarie Asset Management's cash offer for Qube Holdings ((QUB)) which values it at 14.4x FY25 EV/EBITDA.

This is well above Lindsay Australia’s current consensus multiple of 4.1x FY26 EV/EBITDA and the broker's own 3.3x. The broker reckons there's no obvious blocking stake on Lindsay's register, making a re-rating conceivable.

At 14.4x, the company would be worth about $3.80/share, the broker estimates. For context, both Qube and Lindsay are logistics operators, with the former a much larger company.

Buy. Target unchanged at $1.

Target price is $1.00 Current Price is $0.65 Difference: $0.355
If LAU meets the Shaw and Partners target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $0.93, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates LOV as Hold (3) -

Lovisa’s first 20 weeks of FY26 delivered 26% total sales growth, while 3.5% comparable sales softened against expectations.

The broker notes store rollout remains on track with 44 net openings and a solid global pipeline supporting around 19% first-half sales growth.

Earnings are trimmed as the analyst incorporates weaker comparable sales and a more conservative margin and capital expenditure outlook.

The analysts' FY26-28 profit forecasts fall by -12.1%, -9.5%, and -8.6%, respectively. Bell Potter lowers its target price to $33.50 from $42.00 and retains a Hold rating.

Target price is $33.50 Current Price is $30.68 Difference: $2.82
If LOV meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $37.38, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates LOV as Upgrade to Buy from Accumulate (1) -

Morgans upgrades Lovisa Holdings to Buy from Accumulate despite the trading update for the first 20 weeks of FY26 coming in lower than anticipated.

Overall, total sales growth remains strong, over 20%, despite weaker sales in the last 12 weeks and a slower store rollout. Like-for-like sales rose 3.5% in the last 20 weeks versus the analyst's forecast of 5%, while total sales growth over the same period was up 26.2%.

The retailer has opened 62 new stores and closed 18 for a net of 44, resulting in a rate of 2.2 per week in FY26 versus 2.52 per week in FY25.

Morgans tweaks its EPS estimates and lowers the target price to $40 from $44.50, ascribing a valuation that aligns with market sentiment.

Target price is $40.00 Current Price is $30.68 Difference: $9.32
If LOV meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $37.38, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates LTR as Sell (5) -

Citi undertook sensitivities across IGO, Pilbara Minerals and Liontown Resources, given recent volatile but rising SC6 prices.

In the broker's view, IGO screens cheapest and most defensive, with the lowest implied breakeven SC6 price of US$1,340/t vs Pilbara's  US$1,400 and Liontown's US$1,540, and the lowest cash costs at Greenbushes.

Liontown offers the most leverage to modest SC6 upside because it’s the highest-cost producer. In a stronger bull case (SC6 of around US$1,600/t and growth projects delivered), Pilbara shows the greatest upside via the P2000 Project, trading on the lowest P/NAV at 0.70x.

The broker's order of preference is IGO and Pilbara over Liontown.

Sell for Liontown Resources with unchanged target of 50c.

Target price is $0.50 Current Price is $1.38 Difference: minus $0.875 (current price is over target).
If LTR meets the Citi target it will return approximately minus 64% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.94, suggesting downside of -34.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates MAH as Buy (1) -

Bell Potter notes two Indonesian underground awards for Macmahon Holdings support management's shift toward higher-margin, lower-capital underground work. The $36m first-year Kucing Liar contract follows an August award in North Sulawesi.

The broker considers these wins partly offset revenue set to roll off when Vault Minerals ((VAU)) internalises load-and-haul at King of the Hills in 2026.

Management is guiding to adjusted earnings (EBIT)) of $180-195m in FY26.

Bell Potter raises its target price to 65c from 50c and retains a Buy rating.

Target price is $0.65 Current Price is $0.56 Difference: $0.09
If MAH meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates MP1 as Upgrade to Buy from Accumulate (1) -

Morgans revised forecasts for Megaport to reflect its recent $200m capital raising plus $20m SPP (share purchase plan), the Latitude.sh Compute-as-a-Service acquisition, and expansion into India.

Already, the 1Q26 update showed improving retention and strong momentum, with revenue up 21% y/y and annual recurring revenue 22% y/y higher, making 20%-plus growth to FY30 look conservative.

The broker expects the Latitude.sh deal to accelerate revenue/EBITDA and complement connectivity in hybrid-cloud setups. Some tempering in investor sentiment is, however, expected as higher growth capex drags near-term FCF and on peers’ weak private-cloud performance.

FY26 EBITDA forecast lifted by 59% and FY27 by 95%. Target rises to $17.00 from $16.50.

Rating upgraded to Buy from Accumulate.

Target price is $17.00 Current Price is $13.42 Difference: $3.58
If MP1 meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $15.00, suggesting upside of 8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates PLS as Neutral (3) -

Citi undertook sensitivities across IGO Ltd, Pilbara Minerals and Liontown Resources, given recent volatile but rising SC6 prices.

In the broker's view, IGO screens cheapest and most defensive, with the lowest implied breakeven SC6 price of US$1,340/t vs Pilbara's  US$1,400 and Liontown's US$1,540, and the lowest cash costs at Greenbushes.

Liontown offers the most leverage to modest SC6 upside because it’s the highest-cost producer. In a stronger bull case (SC6 of around US$1,600/t and growth projects delivered), Pilbara shows the greatest upside via the P2000 Project, trading on the lowest P/NAV at 0.70x.

The broker's order of preference is IGO and Pilbara over Liontown.

Neutral retained for Pilbara Minerals with unchanged target of $3.25.

Target price is $3.25 Current Price is $3.76 Difference: minus $0.51 (current price is over target).
If PLS meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.98, suggesting downside of -21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates QUB as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley notes the bid by Macquarie Asset Management for Qube Holdings at $5.20/share represents a 24% premium to the volume-weighted average price since the FY25 results.

Macquarie Asset Management will have exclusive due diligence until February 1 2026. Based on recent investor consultation, Morgan Stanley remains of the view underlying volume growth in containers, automotive and energy is under-appreciated by the market.

Price target is adjusted up to $5.20, in line with the bid, from $4.50. Rating is downgraded to Equal-weight from Overweight. Industry View: In-line.

Target price is $5.20 Current Price is $4.86 Difference: $0.34
If QUB meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates QUB as Downgrade to Hold from Buy (3) -

Ord Minnett downgrades Qube Holdings to Hold from Buy, raising the target to $5.20 from $4.52 in line with the conditional and non-binding proposal by Macquarie Asset Management to acquire the company.

Directors have confirmed they intend to unanimously recommend in favour of a scheme of arrangement should the proposal progress.

The broker notes that Macquarie Asset Management has been an active owner of global port and transport assets, and given the strategic nature of many of the Qube assets, incremental third-party interest is a possibility.

Target price is $5.20 Current Price is $4.86 Difference: $0.34
If QUB meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates QUB as No Rating (-1) -

Macquarie Asset Management has submitted a conditional indicative proposal to acquire Qube Holdings for $5.20 a share, implying 12.5x EV/EBITDA. The board intends to recommend in favour of the transaction, assuming no superior proposal.

UBS notes the bid follows an earlier, unsolicited, lower bid after which further due diligence was provided. As adviser to the company on the transaction UBS is restricted on rating and target at present.

Current Price is $4.86. Target price not assessed.

Current consensus price target is $5.10, suggesting upside of 6.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates RHC as Outperform (1) -

Ramsay Health Care provided a trading update at the AGM and states the outcome of its strategic review related to the sale of 52.8% stake in Ramsay Sante will be released in February.

Macquarie notes the update showed Australia trading ahead of plan, with 1Q26 revenue up 6.5% y/y and EBIT up 5.8%. Private hospital activity was strong, and labour costs were well-managed despite Joondalup and Peel offsets.

Management re-affirmed FY26 outlook for activity growth in all regions and EBIT growth. Dividend payout is guided at 60-70% payout and the broker's forecast is within the range at 64%.

Refinancing lowered the cost of debt to 4.9%, down -30bps since June. Outperform. Target price $37.10.

Target price is $37.10 Current Price is $31.90 Difference: $5.2
If RHC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $34.22, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates SKO as Buy (1) -

Serko flagged no changes to its long-term plans in the first half result, reaffirming guidance for total income of NZ$115-123m albeit reduced guidance on total expenditure. The FY30 revenue target of NZ$250m has been reaffirmed.

Ord Minnett notes the GetThere acquisition and Sabre partnership have allowed the company to accelerate growth in the US and this should be a step change for the business.

Forecasts remain unchanged for FY26, while being lowered for FY27 and FY28. Target is lowered to $5.00 from $5.98, and Buy retained.

Target price is $5.00 Current Price is $2.27 Difference: $2.73
If SKO meets the Ord Minnett target it will return approximately 120% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 79.0% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Shaw and Partners rates SMI as Buy (1) -

Santana Minerals' consent application for the Bendigo-Ophir Gold Project has been formally accepted by the Environmental Protection Authority (EPA) under New Zealand’s Fast-track Approvals Act, Shaw and Partners highlights.

The broker reckons the acceptance confirms the submission met all FTA lodgement requirements and puts the project on a set approvals timetable, with development consents targeted for 1H2026.

Next, a review-panel composition report will be completed in around 10 working days, followed by the announcement of panel members and their decision deadline later this year.

Buy, High Risk. Target unchanged at $1.63.

Target price is $1.63 Current Price is $0.84 Difference: $0.795
If SMI meets the Shaw and Partners target it will return approximately 95% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Shaw and Partners rates STM as Buy (1) -

Sunstone Metals published an updated Mineral Resource Estimate (MRE) for its Bramaderos project in Ecuador, which jumped by 900koz to 3.6Moz AuEq.

It includes 600koz Indicated (up 200%), supporting open-pit scoping. Shaw and Partners notes the resource is limited to the pit-constrained Brama-Alba-Melonal porphyry deposits, leaving growth potential.

Target rises to 7c from 5c based on peer group multiples. Buy, High Risk retained.

Target price is $0.07 Current Price is $0.02 Difference: $0.046
If STM meets the Shaw and Partners target it will return approximately 192% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates VAU as Outperform (1) -

Following a 6.5-for-1 share consolidation, Macquarie's target price for Vault Minerals is $6.50 from $1.00.

Outperform maintained.

Target price is $6.50 Current Price is $0.78 Difference: $5.725
If VAU meets the Macquarie target it will return approximately 739% (excluding dividends, fees and charges).

Current consensus price target is $2.78, suggesting upside of 268.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates VMM as Speculative Buy (1) -

Viridis Mining and Minerals has converted an MOU with ORE Investments and Regia Capital into binding arrangements. The company will receive US$5m up front, with the potential for up to US$25m in additional staged funding over the next several years.

Ord Minnett believes this should allow the Colossus to advance to a final investment decision. The terms of the funding are positive and should drive less dilution relative to raising for public markets, the broker adds.

Ord Minnett retains a Speculative Buy rating and $3.60 target.

Target price is $3.60 Current Price is $1.34 Difference: $2.26
If VMM meets the Ord Minnett target it will return approximately 169% (excluding dividends, fees and charges).

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates WDS as Neutral (3) -

UBS has a Neutral rating and $23.60 target price on Woodside Energy.

Target price is $23.60 Current Price is $25.08 Difference: minus $1.48 (current price is over target).
If WDS meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.95, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates WEB as Buy (1) -

In an early take, Citi expects Web Travel's 1H26 results to be positively received following margin improvement and solid TTV (total transaction value) growth in a volatile macro backdrop.

1H26 EBITDA of $82m beat the consensus by 5% and revenue margin of 6.5% came ahead of the consensus of 6.3%. TTV was 21% higher at $3.17bn, which was pre-reported.

FY26 EBITDA guidance of $147-155m is in line with consensus at the midpoint, and seasonally stronger 2H margins suggest to the broker the full-year revenue margin may meet or exceed the 6.5% target.

Buy, High Risk. Target price $5.50.

Target price is $5.50 Current Price is $4.00 Difference: $1.5
If WEB meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $5.86, suggesting upside of 34.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources